Following the death of Her Majesty Queen Elizabeth II, businesses are paying tribute to Britain’s much loved and longest reigning monarch, who passed away peacefully at Balmoral yesterday at the age of 96, having reigned for 70 years.

Tony Danker, CBI director-general, said: “The CBI and the UK business community join the nation in mourning the passing of Her Majesty The Queen.

“Throughout her unprecedented 70 years on the throne, HRH Queen Elizabeth II served the nation with distinction as a stalwart example of British values of honour, dignity and resilience. She dedicated her life to the people of the UK and the Commonwealth, providing compassionate and inspirational leadership during the many challenging times of her long reign.

“Times are hard right now – made more so by the loss of our much-loved Queen – and our tribute should be to work tirelessly to build a better future for the people of this country in memory of Her Majesty.”

In a statement, Lloyd’s of London said: “It is with profound sadness and sorrow that we learn of the passing of Her Majesty The Queen… We were lucky to call her a friend and a regular visitor to Lloyd’s, and all at Lloyd’s will cherish the memories we had together, from her role in dedicating our last two buildings, to her visit to celebrate our 325th Anniversary.

“Her presence, wisdom and laughter will reverberate through our halls, and we will ring the Lutine Bell in her honour. Our thoughts are with the Royal Household at this time.”

Hannah Gurga, director-general of the Association of British Insurers, commented: “On behalf of the insurance and long-term savings industry, we send our deepest condolences to the Royal Family on the passing of HM The Queen. At this very sad time, we pay tribute to the service and dedication that Her Majesty has given to the United Kingdom throughout her life and reign.”

The British Insurance Brokers’ Association added: “We are deeply saddened by the news that Her Majesty The Queen has passed away this afternoon. Our thoughts are with the royal family at this sad time as we join our friends and colleagues in national mourning.”

The Chartered Insurance Institute said the Queen was inspirational in the way she lived a life of remarkable, dedicated public service, and that she had played a key role in the Institute’s development in 1987, when she updated the Royal Charter, which requires the Institute to ‘secure and justify the confidence of the public’.

“Two years ago, the CII became an accredited member of the Commonwealth by joining the category of Professional and Civil Society Organisations.

“Membership saw the CII commit to the Commonwealth’s 16 values and principles, which included a strong focus on gender equaliy and facilitating access to the profession for people from all backgrounds.

“The CII was proud to commit to the shared set of values championed by the Commonwealth and made the step to become an accredited member, out of respect for the many years of commitment from the Queen, and now her successor, His Majesty King Charles III.

“As we enter a period of national mourning, we will reflect on how our activities in the coming days may need to change so that we can show our respect to our Royal Patron, who has set the standard for future Monarchs to follow.

“Once further details of the state funeral and official observations have been announced, we will update members if any exam sittings or other events need to be postponed."

The new Prime Minister Liz Truss said the Queen was the “rock on which modern Britain was built”.

“It is an extraordinary achievement to have presided with such dignity and grace for 70 years, she added. “Her life of service stretched beyond most of our living memories. In return, she was loved and admired by the people in the United Kingdom and all around the world. She has been a personal inspiration to me and to many Britons. Her devotion to duty is an example to us all.”

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